Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this8:04 pm
September 28, 2023
Offline
Dang, it was nice to have a bank that was based in the west.
I really liked Motive's rates and pick-your-length GIC. I think that NB will bring things into line with their own offerings, but not as quick as RBC did dismantling HSBC.
The one little benefit I see is maybe a bit of consolidation for myself, as NB is my stock brokerage.
I was wondering why Motive was doing the constant short term GIC's with the new money restriction, they were goosing their numbers to flaunt to NB.
Overall sadness though. Even though I have good service from both organizations, the last thing the Canadian banking sector needs is consolidation.
6:50 am
January 11, 2020
Offline
Jowett said
I have maxed out my CDIC insurance with CWB and Motive, and I also have RIF's spread over CWB, Canadian Western Trust and Valiant trust.I am wondering how these other entities will be treated in this takeover. Will they be part of the deal and become part of National Bank, or are they considered as separate companies?
Canadian Western Trust and Valiant are both separate as far as CDIC is concerned.
if you are maxed out with Motive, can you still buy the Motive products and request that the CDIC Insurance be applied by CWT? This is how it is with oaken you can select your own insurance company between home bank and home trust. Or do you have to deal directly with their separate entities which all have different rate offerings as well in this respect the oaken set up is great. You get their rates not the posted rates at the individual HomeTrust or home bank.
8:22 am
September 19, 2018
Offline
I had purchased my RRIF's through CWB. They suggested that I split it between Valiant and Canadian Western Trust as well as CWB itself.
These three are all separately insured by CDIC however Motive is considered part of CWB and is not individually insured.
I was given the same interest rate and term for all three, however I don't think you can just go to Valiant for example and converse directly with them. I handled everything through CWB.
So far it has worked out according to plan although I can only see my Motive and CWB accounts online.
11:03 am
January 12, 2019
Offline
.
The Competition Bureau has just given the NBoC the Green Light to buy Motive's parent, CWB . . .
.
Two more hurtles to go ... but it looks like it's pretty much a Done Deal.
- Dean
" Live Long, Healthy ... And Prosper! "
11:14 am
October 27, 2013
Offline
I suspect it is a good match for everyone. It helps make NB closer to being truly part of the big 6. Canadians will be better off for it. CWB on its own was a pretty lame institution.
7:42 pm
September 28, 2023
Offline
Acquiring CWB will be great for NB, but will it be better for us savers is another question. I don't have any dealings with CWB itself so I cant comment on that, but there are 2 things about Motive that keep my funds with them:
- great rates on HISA & GICs, always at or near the top of the charts here
- can set GIC length by month... perfect for TFSAs, can always have them mature in Dec
Hopefully NB can maintain that when they take over. My gut feeling says that these will disappear... the rates will become mediocre, but still better than the big 5, and GICs will be fixed years only like everyone else.
I won't be a new client to NB as they are my brokerage, and other than a few administrative hurdles and delays, I have been trading commission free happily for the last couple of years with them. They are still very form based in terms of applications and transfers, so having a local branch (should they decide to keep all the CWB locations) will be helpful in those cases, rather than snail mailing.
7:51 pm
October 27, 2013
Offline
I suspect it will change quite a bit if/when NB takes over. I never ever could figure out what CWB was really doing with Motive and why they could (or had to pay) such high deposit rates. I cannot see how that could be in the shareholder's interest (and no, I never could get interested in being a shareholder of CWB).
7:59 pm
September 28, 2023
Offline
Agreed.
What is really confusing, but totally awesome, is what they have been doing since the takeover has been announced... their 120day GIC rates are exceptional, and the elimination of fees on the Savvy account make it much more usable and flexible. It's as if CWB is trying to earn score extra points on their report card with client count and assets under management.
Please write your comments in the forum.